Source: Australian Treasurer
The Turnbull Government is cutting red tape and reducing the compliance burden for self-managed superannuation funds (SMSFs) that have a history of good record keeping and compliance.
The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today released for public consultation a paper on the 2018-19 Budget measure to change the annual audit cycle for some SMSFs to a three-yearly cycle.
“This change will reduce the compliance burden for funds that have a history of good behaviour and have relatively simple affairs,” said Minister O’Dwyer.
The consultation paper fulfils the commitment in the Budget announcement to consult with stakeholders on the transition and implementation of this measure.
“The objective is to incentivise good SMSF record-keeping and compliance by alleviating the regulatory burden whilst maintaining optimal system oversight and integrity,” said Minister O’Dwyer.
“We have listened to initial stakeholder feedback on the Budget announcement and welcome further feedback to ensure this change is appropriately targeted and implemented.”
This proposal is one of a number of Government initiatives applying to SMSFs, including providing greater flexibility to SMSFs by expanding the limit on the maximum number of members from four to six, and reducing compliance costs by extending SuperStream to include SMSF rollovers.
“Unlike Bill Shorten and the Labor party, who continue to unfairly target SMSFs, the Government recognises the valuable role SMSFs play in providing competition throughout the superannuation sector and the opportunity they provide Australians who want to take a more hands-on approach to their retirement,” said Minister O’Dwyer.
Stakeholders are invited to provide feedback on the consultation paper, available on the Treasury website, by lodging a submission. Submissions are due by 31 August 2018.